Nato nel 2008 a opera di Satoshi Nakamoto, bitcoin sta in qualche modo rivoluzionando i mercati finanziari e continua a sfidare le logiche economiche tradizionali con la sua natura decentralizzata e priva di un sottostante materiale di garanzia, in ciò rendendolo un asset unbacked unico nel suo genere.
Grazie al suo approccio sistematico, giuridico-regolamentare ed economico-finanziario, questo volume ambisce a essere uno strumento efficace per comprende come bitcoin possa essere valutato in un mercato in costante evoluzione, senza trascurare la posizione delle Autorità di Vigilanza, che vedono nell'investimento in questo asset rischi equiparabili più al gioco d'azzardo/betting che alla ricerca di valore.
Bitcoin evaluation, una guida olistica per investitori, professionsiti e studiosi della materia, ha l'obiettivo di colmare un vuoto e fornire una visione chiara e approfondita del primo crypto-asset in assoluto, ancora oggi iconico punto di riferimento del settore.
The chapter explores the impact of Artificial Intelligence on the Real Estate, highlighting how this technology is revolutionising global processes and strategies.
Following an analysis of the politics adopted by the US, China and Europe, with a focus on EU regulation, the main technological innovations that are transforming Real Estate are analysed.
A central focus is devoted to Prop-Tech, exploring models such as Smart Real Estate and Shared Economy, with a subsequent analysis of the improvements brought by AI within financial intermediaries' processes, from Automated Valuation Models to risk management, highlighting operational advantages and ethical challenges.
Overall, the chapter offers a comprehensive view of the evolution of real estate, towards a more dynamic and technological ecosystem.
The aim of the book is to address, with a business-oriented operational focus, the issues concerning anti-money laundering and, more generally, the risks arising from operating in crypto-assets.
Starting with an analysis of the general regulatory context and continuing with an illustration of the main offences linked to the world of crypto-activities, national and international anti-money laundering legislation is analysed.
The system of anti-money laundering controls for banking and financial intermediaries wishing to enter this market and the tools for tracing transactions through blockchain forensics and cryptocurrency forensics are also explored.
The analysis of the broader spectrum of corporate risks arising from operating in the crypto-asset market is treated in a cross-cutting approach from the perspective of the administrative responsibility of companies (ex Legislative Decree 231/2001).
Was the Metaverse stillborn, as one might have inferred from some of the headlines about the desert of Meta, Mark Zuckerberg's new creature?
Not necessarily, especially since some of the Metaverse, which has been active for some time now mostly in the world of gaming, is quite popular, even if it does not exactly correspond to the complexity of that futuristic online world we all have in our heads.
What happens in the Metaverse cannot (nor should it) be antagonistic to what happens in the real world. And this principle must be verified first and foremost in the respect of the rules underlying the coexistence of users, who belong to articulated organisations, governed by rules, regulations, customs and habits that move from the regional perimeter of individual sovereign states, however obliged - more and more often - to give way to a supranational regulation, the only one capable of intercepting the complexity of the digital globalisation we have been experiencing in recent decades.
Hence the practical fallout of the problem, namely how to regulate, or rather, how to capture what happens in the Metaverse with the (existing) rules of the 'old world'? This is obviously a very broad perimeter, just think of all that the anti-money laundering (AML) directives entail when applied to the new virtual reality, a panorama further complicated by the frenetic development of Artificial Intelligence now capable of monitoring transactions (such as Google Cloud's AI AML).
One of the main knots to be untangled in order to open up (real) operations in the Metaverse is the form and manner of concluding smart contracts, the contracts that are adopted here and that are the real driving force of the volume. Their structure is explored in depth, on which all communication and thus all forms of interaction that animate this new space rest, in an attempt to understand their capacity to incorporate rules that are not self-generated by the code, but which the code must be capable of incorporating, giving them full implementation.
We believe that it will be the Metaverse or, rather, what happens in the space of the Metaverse that will have to 'adapt' to the existing Law.
The motto "Code is Law" is now little more than a suggestion; but will a new motto, "Rule is in the Code", be able to support an orderly development and harmonisation of the Metaverse with physical reality? The answer may lie in the not too distant future.
Cover: Riccardo Rapone, a.k.a. Beetroot, Future, bas-relief engraved with drill on canvas, 50 x 50 cm (https://nft.beetrootart.it).
Regulatory, civil and corporate profiles - Taxation after the Budget Law 2023
Music is historically the sector most exposed to technological progress.
Today, it is the one that has most recently discovered the 'creative' potential of blockchain technology and the 'crypto universe', where more and more players and collectors are appearing, willing to create, buy, sell and exchange works in a digital environment via NFT.
This new tool, in addition to presenting itself as a possible new better guarantee and capitalisation of artists' work, also seems to have the capacity to bring musicians closer to their fans, who to a certain extent can 're-appropriate' their favourite tracks - albeit no longer in a physical vinyl binder, but in a digital wallet - or be put in a position to enjoy immersive remote or privileged experiences.
Is it then enough to get hold of the NFT right? It would be an insidious oversimplification to believe so.
For the merely curious, but also for the benefit of those who intend to operate in the field safely and in compliance with the rules, this book deals with the fascinating topic of NFTs in music, starting with an overview of the history that leads from Bitcoin to non-fungible tokens, the underlying technology, the phenomenon from an economic point of view and the analysis of the 'tokenized' music market, delving into the substance of NFTs in relation to national law and in the EU perspective, their exploitation modes, copyright issues and user protection.
"SPAC" , acronym of Special Purpose Acquisition Company, is a listed investment ve-hicle, whose collection on the capital market is intended for one or more investment/in-tegration operations in "target" companies (the "business combination"), within a fixed term, generally between 18 and 24 months.
From 2011 to 2019, SPACs made a positive contribution to the development of Italian financial markets, helping to foster a more evolved and modern financial culture. As of 2019, 29 SPAGs were listed, with total funding of more than €3.8 billion, 22 of which completed the business combination. 2017 was the year of the most widespread in Italy with 10 SPACs admitted to listing and more than €1.7 billion raised, thanks, among other things, to the high liquidity available to institutional investors and a more encouraging regulatory framework for the development of the capital market.
SPACs proved to be a relevant trend for Italian capital markets and for companies looking for capital. The purpose of this essay is to deepen the understanding of the SPACs investment scheme in Italy, shedding some lights on its main characteristics, both from an economic-financial and legal point of view. The analysis is also performed in comparison with some alternative investment models, as private equity investment funds.
Some surprising operations linked to the world of digital art and collecting have turned the spotlight of global awareness on NFTs, the non-fungible tokens. However, these new instruments use such a versatile technology that in the last few months we have witnessed their diffusion in the most disparate fields, with a fortune that has assumed an exponential trend.
Like the whole cryptoasset sector, however, there is no shortage of lively discussion about the risks that can emerge from this new market. For many, it would be “yet another” tulip bubble or, even worse, a new and sophisticated fraud instrument that will favor money laundering; others, instead, welcome the NFT phenomenon as a new paradigm, particularly suitable to ensure certification and ownership of goods and rights, by virtue of the fiduciary thrust granted by the community of users to the decentralized “circuit” based on the blockchain.
The peculiarity of unfungibility, the fact that NFTs contain unique, unmodifiable and non-inter- changeable information, capable of uniquely identifying a digital object and/or a right inherent to a physical asset, could indeed make them susceptible to represent certificates, licenses, credentials and other objects or documents that need to be kept safe, in digital form, preserving them from potential counterfeiting or abuse. However, like any innovation conveying value, the relevant market needs awareness and, above all, clear rules to work and evolve.
As it happened for other crypto-activities, also for NFT there is a widespread belief that the lack of a specific regulatory framework allows, even today, to avoid the application of already existing rules. But the “Code is law” idea, i.e. that it is a code that generates a self-sufficient rule, has been largely disproved by the countless interventions of governments and supervisory authorities, waiting for the efforts of lawmakers to arrive at a synthesis, with the issuance of dedicated rules designed for the novel- ty that blockchain has introduced. If we have to talk about rules, we have to do so not only at a domes- tic level, but also and above all at a transnational level, given the natural global dimension of the web, where NFTs now transit daily. It will be a very near future to tell us if it is really a speculative bubble or if the non-fungible tokens will conquer a stable effectiveness in a normalized market. In the mean- time we can’t help but follow closely their impressive application development.
The regulation of the outsourcing of banking and financial services has taken on increasing importance since the issuance of the EBA guidelines in February 2019, driven in recent years by digitalisation and the recent pandemic event, both phenomenal accelerators that have forced banking operators to outsource to companies specialising above all in technology, the only ones able to mature internally and offer their customers expertise at the same speed and quality as the market. Regulators, both national and European, have today only just begun to intercept this phenomenon, introducing into the current fragmented and complex regulations, a series of procedural and contractual constraints and provisions in a context, however, that is still very dynamic and changeable and in which the need for an extension of the regulatory perimeter to include technology companies is clearly emerging.
This volume is intended for all banking practitioners and consultants who are interested in having an up-to-date, organic and systematic overview of the banking and financial outsourcing discipline, thanks to the expertise and experience in the field of the authors, each of whom represents excellence in the academic, advisory, regulatory and in-house fields in which they operate.
SAVINO CASAMASSIMA, a lawyer in Milan, has been working for several years as a manager and in-house counsel at international banks and fintech companies. He graduated from the Università Cattolica del Sacro Cuore in Milan and obtained a Master of Laws (LLM) in 2003 in International dispute resolution from Queen Mary University of London. He is the author of numerous publications on commercial and banking law, as well as a speaker at conferences on the same subjects. He has always been passionate about regulatory and banking issues, curious and always open to internationalism and the discovery of new solutions and points of view.
MASSIMILIANO NICOTRA is senior partner of Qubit Law Firm S.t.a. and has been dealing with technology law for over twenty years. A Data Protection Officer for multinational companies, he is an adjunct professor in "Fundamentals and Evolution of Digital Administration". Coordinator of the Privacy and Compliance section of the Centre for Economic and Legal Research and Vice President of the Strategic Committee of the Research Centre on Digital Administration at the University of Rome Tor Vergata, Department of Management and Law.
Knowing and understanding a planetary phenomenon. Analysis of legal and fiscal implications.
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